Pensions

Land Securities Group Plc Monitor

Land Securities Group Plc Annual Report 2016
CR Monitor Issue: 
2017/0112
Company covered: 
Land Securities Group Plc
Period End: 
31 March, 2016
Report issued on 31 January 2017 covered the following practice issues:
Change
Disclosure of impact on defined benefit pension scheme of differences between valuation assumptions as agreed with trustees and on an IAS 19 basis.
Change
Separate disclosure of interest income and expense as attributable to revenue items and capital items.
Change
Cyber attack identified as a new principal risk factor.
New
Disclosure of amount of unutilised capital losses, on which no deferred tax asset is recognised.
Change
Additional disclosures included in audit report of conclusions given to the audit committee on the assessment of material risks of misstatement.
Change
Impairment reversals subsumed within costs line as a result of change in income statement presentation.

RELX Group Monitor

RELX Group Annual Report 2015
CR Monitor Issue: 
2017/0104
Company covered: 
RELX Group
Period End: 
31 December, 2015
Report issued on 9 January 2017 covered the following practice issues:
Change
Full consolidated financial statements are presented instead of combined financial statements.
Change
Earnings per share presented for separate share classes as part of the consolidated income statement.
Change
Reconciliation introduced for the net defined benefit liability from the opening balance to the closing balance.
New
Past service and settlement costs are recognised after transferring the Netherlands defined benefit pension scheme to a defined contribution scheme.
Change
Change in profit base for calculating net cash from operating activities.

Tesco plc Monitor

Tesco PLC Annual Report 2016
CR Monitor Issue: 
2016/1104
Company covered: 
Tesco PLC
Period End: 
27 February, 2016
Report issued on 07 November 2016 covered the following practice issues:
Change
Change in the income statement format from single column to multi-column to highlight exceptional items.
Change
Gain on closure of employee benefit plan recognised as an exceptional item.
Change
Greater aggregation of reporting segments as a result of revised management reporting structure.
Change
More detailed analysis of operating, investing and financing cash flows on the face of the cash flow statement.
Divergence
Internally generated intangible assets aggregated with other intangible assets.

FirstGroup plc Monitor

FirstGroup plc Annual Report 2016
CR Monitor Issue: 
2016/1012
Company covered: 
FirstGroup plc
Period End: 
31 March, 2016
Report issued on 24 October 2016 covered the following practice issues:
Change
Recognition of past service gain following changes in employee benefit schemes.
New
Disclosure of post balance sheet events.
Change
Disclosure of tax expense components.

Amec Foster Wheeler plc Monitor

Amec Foster Wheeler plc Annual Report 2015
CR Monitor Issue: 
2016/1003
Company covered: 
Amec Foster Wheeler plc
Period End: 
31 December, 2015
Report issued on 4 October 2016 covered the following practice issues:
Change
Restatement of financial statements due to finalisation of provisional business combination accounting.
Change
Change in presentation of reporting segments.
New
Recognition of goodwill impairment leading to a net loss for the year.
New
Disclosure of material joint venture.
Change
Disclosure of intention to close defined benefit pension schemes to future accrual.

Givaudan SA Monitor

Givaudan SA Annual Report 2015
CR Monitor Issue: 
2016/0807
Company covered: 
Givaudan SA
Period End: 
31 December, 2015
Report issued on 23 August 2016 covered the following practice issues:
Change
Settlement of a defined benefit plan resulting in one-time gain.
Change
Enhanced disclosure of directors remuneration
Pronouncements
Probable impact of new Financial instruments standard disclosed.
Change
Provision recognised in respect of environmental obligation previously identified as a contingent liability,

FRS 101 "Reduced disclosure framework"- A review of application in parent company accounts of IFRS groups

The preparation of parent company financial statements is something that all consolidated IFRS groups have to consider. In light of the great level of recent change in this area in the UK this represents a one-off report giving guidance on the preparation of parent company financial statements under FRS 101 "Reduced Disclosure Framework". It focuses on UK groups that prepare IFRS consolidated accounts.

The report sets out the key findings from our review of the first-time application of FRS 101 “Reduced Disclosure Framework” by a group of 29 parent companies that prepare consolidated financial statements under IFRS.  We consider a number of points including: how companies informed shareholders of the intention to implement FRS 101; the format of the primary financial statements; disclosure of the list of exemptions taken; the concept of equivalent disclosure in the consolidated financial statements; the length of company financial statements under FRS 101; and changes in accounting policy on adoption. 

Pensions - AstraZeneca plc

Period End: 
31 December, 2015
Period End Date: 
2015-12-31
Listing Status: 
FTSE 100, S&P Europe 350
ICB Industry Classification: 
4577 Pharmaceuticals
Auditor: 
KPMG

McBride plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2016/0304
Period End: 
31 December 2015
Listing Status: 
FTSE Mid 250
ICB Industry Classification: 
3724 Nondurable Household Products
Auditor: 
PricewaterhouseCoopers
Restatement
Reclassification of artwork, design and product testing costs increases cost of sales.
Change
Omission of segmental profitability.
Change
Effects of defined benefit schemes on results and financial position analysed, as benefits restricted.

Pensions - Novartis AG

Period End: 
31 December, 2015
Period End Date: 
2015-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
4577 Pharmaceuticals
Auditor: 
PricewaterhouseCoopers